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The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.
This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver.
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CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility
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— Central Bank of Nigeria (@cenbank) June 8, 2020
All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.
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“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”
Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”
Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.
Nairametrics earlier reported that loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.
Please what about the people that have submitted there guarantors form and collateral documents and have not received any further information or notice for the loan.
I have submitted my application and my account details till now I have not received any massage on my email to know if i am eligible or not
Good day sir/madam, thks for good job you are doing, please send me the websites to apply for the cbn covid loan, l have been trying since but no way
I had applied for loan no show since 21 05 2020
Please how can I apply
please how did you apply
I need loan for business. I want to started block industry here in Abuja. Plz i need up-to 1.5millon
Pls guys which website am I to used to apply for the loan
Please, how can I apply for the loan
are no see massage in my phone or email
Can someone send me the link to the form? I have tried several times even the Microsoft aspect is problematic
I have submitted my application about two weeks ago,no message not notification about household loan
Account name: Hussaini ALAMIN
Bank : JAIZ BANK
ACC NO : 0005027477
BVN NO: 22286454106
How can I apply please
We need more opportunities to be giving to many Nigerians to apply for this loan.
How can fg demanded such collateral from people he claim to help,is every body especially Nigeria farmers have people as level 12 up ward and above to stand as collecteral before an loan can be granted.Do you known we apply for covid 19 loan, after paying #3000 for process,we where told to go bring our mobility documents,our gaurantor Bvn and guarantor from level 12 upward to stand for us. Over a month now we applied until now we are still looking for gaurantor inlevel 12 and above,and they are not ready to release their Bvn even calling us 419.
Can Someone please send me the website for the covid-19 loan application?
There have send me approval message in my SMS box,I enter my browser to confirm it, there tell me to check back later… Please help me find solution sir..
What of the case whereby you are told that you are receiving the loan on a 9% interest rate at a center. That is if you’re going for #500,000 loan,you will be paying #45000 as monthly interest. Then #45000 in 12 months is #540,000 and in 3 years when the loan elapses, you are paying #1,620,000 as interest for a #500,000 loan. This is too much na!!!. Some years back, financial aid given to Farmers by fg usually where at very low or no internet rate. The interest payable for #500,000 in 12 months is more than the principal amount. How will people be able to pay that. Fg should look into this ooooo
I submitted my own form on 16/05/2020 and they acknowledged receiving my form and.promised to get back to me in short time,, but yet to hear from them again, I don’t know what step to take now again
I think you are not getting the whole thing here, the interest rate is per Annual not monthly, the interest rate is 5percent for a year, that’s if you pay back the loan in one year, but it exist one year their interest rate will increase to 9percent per annual. So check out your calculation.
What is fg saying about the interest rate which exceed the principal amount payable in 12 months. I.e #500,000*9%=#45000.#45000*12 months=#540,000*3years=#1,620,000. I use to think that aid given to Farmers where usually at very low or no interest rate.
I think the rate is 9% par annum not monthly,so check your calculation
A regular Nigerian news browser or searcher, I’m disappointed that the information of the availability of this loan was not adequately disseminated. Is it too late now :this piece didn’t even say if applications are still invited and how and where to apply to
They already know where and who will receive what. The process is loaded heavily with political undertones. The arrangements is just a decor to fool the rest of us. If my observation is incorrect, let CBN published all beneficiary after the disbursements.
I applied for the loan, but my account number was not requested.my form was acknowledged to have been received and promised to get back shortly since 2/6/2020. Please, what is the next line of action. Thanks
They requested for my account details but i logged out to imput the information, they rejected me and said my Ive already submitted.
My candid advice to every person in leadership is to transparent in whatever scheme that is rolled out in order foster trust in the mind of the followers, knowing that every thing you’re gathering here on earth is vanity. I can’t envy you greed and myopic leader who is acquiring everything, both the one that is meant for the poor.